Phone Touch (UK) Limited Company Accounts

Phone Touch (UK) Limited Company Accounts

PHONE TOUCH (UK) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04748490
Phone Touch (UK) Limited
Filleted Unaudited Financial Statements
31 March 2017
Phone Touch (UK) Limited
Financial Statements
Year ended 31 March 2017
Contents
Page
Director's report
1
Statement of financial position
2
Notes to the financial statements
4
The following pages do not form part of the financial statements
Chartered tax advisers report to the director on the preparation of the unaudited statutory financial statements
9
Phone Touch (UK) Limited
Director's Report
Year ended 31 March 2017
The director presents his report and the unaudited financial statements of the company for the year ended 31 March 2017 .
Principal activities
The principal activity of the company during the year was that of retailing mobile phones and accessories.
Director
The director who served the company during the year was as follows:
Mr K S Sachdeva
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 20 November 2017 and signed on behalf of the board by:
Mr K S Sachdeva
Director
Registered office:
1 Agincourt Villas
Uxbridge Road
Hillingdon
Middlesex
UB10 0NX
Phone Touch (UK) Limited
Statement of Financial Position
31 March 2017
2017
2016
Note
£
£
£
Fixed assets
Intangible assets
5
4,800
–
Tangible assets
6
37,537
37,976
--------
--------
42,337
37,976
Current assets
Stocks
36,492
37,289
Debtors
7
197,233
185,320
Cash at bank and in hand
5,036
1,490
---------
---------
238,761
224,099
Creditors: amounts falling due within one year
8
147,706
128,561
---------
---------
Net current assets
91,055
95,538
---------
---------
Total assets less current liabilities
133,392
133,514
Creditors: amounts falling due after more than one year
9
121,317
121,517
Provisions
Taxation including deferred tax
2,565
2,565
---------
---------
Net assets
9,510
9,432
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
9,410
9,332
-------
-------
Shareholders funds
9,510
9,432
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Phone Touch (UK) Limited
Statement of Financial Position (continued)
31 March 2017
These financial statements were approved by the board of directors and authorised for issue on 20 November 2017 , and are signed on behalf of the board by:
Mr K S Sachdeva
Director
Company registration number: 04748490
Phone Touch (UK) Limited
Notes to the Financial Statements
Year ended 31 March 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Agincourt Villas, Uxbridge Road, Hillingdon, Middlesex, UB10 0NX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 12.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
4% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
Over the term of lease
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Particulars of employees
The average number of persons employed by the company during the year amounted to 5 (2016: 5 ).
5. Intangible assets
Goodwill
£
Cost
Additions
–
Acquisitions through business combinations
5,000
-------
At 31 March 2017
5,000
-------
Amortisation
Charge for the year
200
-------
At 31 March 2017
200
-------
Carrying amount
At 31 March 2017
4,800
-------
At 31 March 2016
–
-------
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 April 2016
74,411
9,031
41,776
125,218
Additions
4,049
–
5,415
9,464
--------
-------
--------
---------
At 31 March 2017
78,460
9,031
47,191
134,682
--------
-------
--------
---------
Depreciation
At 1 April 2016
50,369
6,845
30,028
87,242
Charge for the year
5,923
547
3,433
9,903
--------
-------
--------
---------
At 31 March 2017
56,292
7,392
33,461
97,145
--------
-------
--------
---------
Carrying amount
At 31 March 2017
22,168
1,639
13,730
37,537
--------
-------
--------
---------
At 31 March 2016
24,042
2,186
11,748
37,976
--------
-------
--------
---------
7. Debtors
2017
2016
£
£
Other debtors
197,233
185,320
---------
---------
8. Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
30,276
27,295
Corporation tax
13,641
7,569
Social security and other taxes
7,971
9,575
Other creditors
95,818
84,122
---------
---------
147,706
128,561
---------
---------
9. Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
121,317
121,517
---------
---------
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2017
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr K S Sachdeva
( 199,126)
1,164
( 197,962)
---------
-------
---------
2016
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr K S Sachdeva
–
( 199,126)
( 199,126)
----
---------
---------
11. Related party transactions
The company was under the control of the directors. No transactions with related parties were undertaken such as are required to be disclosed.
12. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.
No transitional adjustments were required in equity or profit or loss for the year.
Phone Touch (UK) Limited
Management Information
Year ended 31 March 2017
The following pages do not form part of the financial statements.
Phone Touch (UK) Limited
Chartered Tax Advisers Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Phone Touch (UK) Limited
Year ended 31 March 2017
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 March 2017, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
SK ASSOCIATES LTD Chartered Tax Advisers
1 Agincourt Villas Uxbridge Road Hillingdon Middlesex UB10 0NX
20 November 2017